Bill > HB436

This bill establishes a new tax credit and a new tax deduction related to the purchase and sale of blended biodiesel fuel in New Mexico. The bill creates a $0.50 per gallon tax credit for individual and corporate taxpayers who purchase blended biodiesel fuel in New Mexico, applicable to tax years starting on or after January 1, 2023. The bill also allows for a deduction from gross receipts and compensating tax for the sale of blended biodiesel fuel, effective July 1, 2023. The bill requires the state tax department to compile annual reports on the utilization and costs of these new tax provisions.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=436&year=23